Cryptocurrencies correlations

Knowledge of the correlation coefficient between assets gives a wide spectrum of advantages.
Modern portfolio theory allows you to create and optimise a portfolio with uncorrelated assets.
Negative correlation provides a possibility to hedge positions.

How to identify digital asset correlations

Correlation chart

The tool can help to understand the correlation coefficient changes in time.
Choosing the assets and the time frame you are interested in, brings the chart with the token rates and the correlation changes.

Correlation matrix

The tool helps to preselect crypto assets for the cryptocurrencies portfolio.
Select the assets you want to be compared with to see the correlation strengths between all of them.

Correlations with a coin or token

There is also the way to find the relation in returns from the particular crypto asset.

Or choose the asset from the list:

Stocks, precious metals and cryptocurrencies

Basing on past returns, crypto assets have not revealed any signs of correlation with stock indexes and metals in the long run.
The matrix of correlations between different asset classes confirms the thesis.

BTC ETH XRP GLD SLV ^DJI ^GSPC ^IXIC DX-Y.NYB
BTC 1.00 0.48 0.20 0.01 -0.00 0.06 0.06 0.05 -0.01
ETH 0.48 1.00 0.23 0.07 0.06 0.10 0.10 0.11 0.01
XRP 0.20 0.23 1.00 0.05 0.04 0.07 0.07 0.07 -0.04
GLD 0.01 0.07 0.05 1.00 0.80 0.02 0.04 0.02 -0.41
SLV -0.00 0.06 0.04 0.80 1.00 0.19 0.21 0.19 -0.42
^DJI 0.06 0.10 0.07 0.02 0.19 1.00 0.97 0.78 0.01
^GSPC 0.06 0.10 0.07 0.04 0.21 0.97 1.00 0.85 -0.02
^IXIC 0.05 0.11 0.07 0.02 0.19 0.78 0.85 1.00 0.00
DX-Y.NYB -0.01 0.01 -0.04 -0.41 -0.42 0.01 -0.02 0.00 1.00

However the relation has changed since 12/03/2020 crash.
It is visible when looking at the chart comparing BTC and S&P 500 Index from the Black Thursday.



High market capitalisation cryptocurrencies correlations

BTC ETH XRP BCH LINK ADA BSV LTC BNB EOS XTZ XLM XMR OKB TRX
BTC 1.00 0.48 0.20 0.54 0.42 0.72 0.45 0.27 0.41 0.51 0.34 0.42 0.69 0.58 0.48
ETH 0.48 1.00 0.23 0.62 0.50 0.78 0.48 0.45 0.45 0.59 0.35 0.41 0.73 0.62 0.49
XRP 0.20 0.23 1.00 0.45 0.39 0.76 0.43 0.26 0.40 0.47 0.26 0.56 0.57 0.55 0.46
BCH 0.54 0.62 0.45 1.00 0.35 0.69 0.53 0.57 0.38 0.55 0.22 0.39 0.57 0.53 0.38
LINK 0.42 0.50 0.39 0.35 1.00 0.50 0.27 0.38 0.24 0.43 0.26 0.40 0.43 0.39 0.35
ADA 0.72 0.78 0.76 0.69 0.50 1.00 0.39 0.74 0.42 0.72 0.42 0.78 0.72 0.54 0.60
BSV 0.45 0.48 0.43 0.53 0.27 0.39 1.00 0.48 0.29 0.49 0.25 0.37 0.39 0.33 0.40
LTC 0.27 0.45 0.26 0.57 0.38 0.74 0.48 1.00 0.47 0.52 0.30 0.43 0.66 0.59 0.45
BNB 0.41 0.45 0.40 0.38 0.24 0.42 0.29 0.47 1.00 0.46 0.26 0.40 0.44 0.38 0.42
EOS 0.51 0.59 0.47 0.55 0.43 0.72 0.49 0.52 0.46 1.00 0.24 0.43 0.49 0.58 0.48
XTZ 0.34 0.35 0.26 0.22 0.26 0.42 0.25 0.30 0.26 0.24 1.00 0.30 0.30 0.33 0.28
XLM 0.42 0.41 0.56 0.39 0.40 0.78 0.37 0.43 0.40 0.43 0.30 1.00 0.58 0.52 0.41
XMR 0.69 0.73 0.57 0.57 0.43 0.72 0.39 0.66 0.44 0.49 0.30 0.58 1.00 0.59 0.44
OKB 0.58 0.62 0.55 0.53 0.39 0.54 0.33 0.59 0.38 0.58 0.33 0.52 0.59 1.00 0.56
TRX 0.48 0.49 0.46 0.38 0.35 0.60 0.40 0.45 0.42 0.48 0.28 0.41 0.44 0.56 1.00

negatively correlated and uncorrelated altcoins (measured in BTC)

token1 token2 correlation days
BCH PAXG -0.19 285
MKR PAXG -0.18 285
BEAM PAXG -0.17 285
ETH PAXG -0.16 285
PAXG TRX -0.14 285
EOS PAXG -0.14 285
FTT KAVA -0.14 265
MIOTA SNT -0.13 1138
PAXG QTUM -0.12 285
SNT WAVES -0.12 1150
BSV PAXG -0.11 285
OMG XTZ -0.11 1143
PAXG SNT -0.10 285
IOST PAXG -0.10 285
FTT XTZ -0.10 606

The strongest crypto assets correlations (measured in BTC)

token1 token2 correlation days
HT OKB 0.64 822
NEO ONT 0.56 878
BEAM GRIN 0.52 438
BTM ONT 0.51 878
XMR ZEC 0.50 1143
IOST ONT 0.50 878
DASH XMR 0.47 1143
ADA XLM 0.47 1044
IOST ZIL 0.47 923
ADA XRP 0.46 1044
ETH XMR 0.45 1143
MIOTA ZIL 0.45 923
ADA ZIL 0.43 923
ONT TRX 0.43 878
BAT ETH 0.43 1167